MORE than two thirds (73 per cent) of young people in Yorkshire have or would consider starting their own business - but are held back by lack of funding (49 per cent), lack of practical business experience (47 per cent) and ‘fear of failure’ (48 per cent).
Research by YouGov, commissioned by The Prince’s Trust and LDC, revealed practical advice on starting a business (64 per cent), access to financial support (63 per cent) and mentoring (44 per cent) were some of the most important considerations for helping young people get their idea off the ground.
LDC and The Prince’s Trust have launched Backing Youth Ambition, a three-year initiative to help over 1,200 budding entrepreneurs across the UK launch their own businesses through start-up grants and additional funding, as well as volunteering and mentoring support.
John Garner, Head of Yorkshire & the North East at LDC, said: “The Yorkshire business community is thriving, but its future lies with those ambitious young entrepreneurs who will be charging the economy forward for years to come.
“Working with The Prince’s Trust, we will back the ambitions of young people here in Yorkshire and help to support the next generation of entrepreneurs.”